Reversal? Today was a higher volume day. We got the expected bounce off .28 discussed in yesterday's post (trading to as high as .30). However, we gave up those gains over the day. This resulted in a high volume bullish "inverted hammer" candlestick formation (see chart below), both at WOF and WFEMF. The inverted hammer is further suggestive that WOF may be undergoing a price chang or reversal of its .38 to .28 retracement. Generally, the longer the upward "wick" of the inverted hammer candle, the more bullish the chance and intensity of reversal. Today provided a nice sized wick. HOWEVER, to confirm this potential reversal pattern, we need a HIGHER close tomorrow, or imminently. The higher the close, the better the chance and intensity of a sustained and meaninful reversal. The inverted hammer is demonstrative of bullish buying pressure, especially when accompanied by strong volume. Today both WOF and WFEMF trading volume exceeded 400,000 shares. Moreover, don't be disillusioned by the .28 close. The volume weighted average price ("vwap") of all shares traded today (almost 1 million) was .287, nicely bullish and on high volume, ie. demand for the stock at higher price levels. I am now crossing my fingers for a higher close tomorrow above .28. If we get that, we might be in for some better times ahead. To learn more, Google "inverted hammer candlestick during downtrend" (without the quotes, of course.)
Good luck to all! Seg.
https://stockcharts.com/h-sc/ui?s=WOF.V&p=D&yr=0&mn=6&dy=0&id=p72648279299&a=288332948